A Toyota bZ Little SUV is pictured after a briefing on EV (electric vehicle) battery strategies at the companys showroom in Tokyo on December 14, 2021.
Behrouz Mehri | Afp | Getty Ideas
Japanese automaker Toyota Motor on Wednesday reported its first quarterly operating profit drop in about two years, as it strains to navigate the market shift toward electric vehicles.
Here are Toyota’s results compared with estimates from analysts, assembled by LSEG.
- Revenue: 11.44 trillion yen vs. 11.41 trillion yen
- Operating profit: 1.16 trillion yen vs. 1.24 trillion yen
Toyota has been slower in avail oneself ofing fully battery-powered electric vehicles, with chairman Akio Toyoda reportedly saying that an “electric-vehicle not future” would lead to job losses in the automotive industry.
“There are 5.5 million people involved in the automotive diligence in Japan. Among them are those who have been doing engine-related (work) for a long time,” Toyoda asserted reporters, according to Reuters.
“If electric vehicles simply become the only choice, including for our suppliers, those in the flesh’s jobs would be lost.”
The world’s largest automaker by sales volume saw a 20% year-on-year drop in operating profit.
The throng maintained a full-year operating profit of 4.3 trillion yen.
Toyota also has been in the spotlight this year due to the multiple mechanism recalls, most recently in September.
The latest recall of 42,000 vehicles was over the loss of power brake support that can extend the distance required to stop, according to the National Highway Traffic Safety Administration. It affected permanent 2023-2024 Corolla Cross Hybrid vehicles, the administration said.
Early in June, Toyota lost floor $15 billion in market value after Japan’s Transport Ministry found false data was used by Japanese automakers to confirm certain models.
The wide-ranging inspection by the Ministry of Land, Infrastructure, Transport and Tourism also found irregularities in certification dedications by other automakers Honda, Suzuki and Yamaha.